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Trading of mining shares LC, PX, MA suspended

The trading of shares of mining companies Lepanto Consolidated Mining Company (LC / LCB), Philex Mining Corporation (PX), and Manila Mining Corporation (MA / MAB) were suspended today, following a voluntary trading suspension request from the said mining firms.

In a disclosure submitted to the Philippine Stock Exchange (PSE) on May 11, the three companies separately requested that the trading of their shares be suspended. Interestingly, though, the letters contain exactly the same phrasing.

Their individual letters state that Lepanto, Philex and Manila Mining “intend to make a material disclosure within the next two days and request that trading of shares be suspended immediately, to be resumed after [the company] shall have made the disclosure.”

The richest PNoy cabinet members

Does wealth come with power or is power the source of wealth?
Whatever the case may be, if President Noynoy Aquino’s cabinet members are an indication, those in power are also the rich people in the in the Philippines.
Based on the 2010 Statement of Assets, Liabilities and Net Worth (SALN) submitted by PNoy’s Cabinet secretaries, all but one Cabinet member is a millionaire.

Best Performing Stock Markets in the World – 2010

Top Stock Exchanges in the World In 2009, we reported the Top Performing Stock Markets in the world. In that list, Sri Lanka’s Colombo Stock Exchange led the pack, locking in a 125% overall return in just one year. Yup, 125% — which means if you invested in the Sri Lankan stock market, you would have earned more than double your money within one year.

In 2010, Sri Lanka’s astounding performance continued. It again ranked number 1 in the list of the best performing stocks in the world. It registered a 96.0% full-year return, again almost doubling investments in one year.

If for example, you invested $100,000 in the Colombo Stock Exchange at the start of 2009, this amount is now worth $441,000 at the end of 2010. That’s a lot of money earned in just two years.

S&P downgrades US outlook to 'negative'

Credit rating agency Standard & Poor’s (S&P) downgraded to “negative” today its outlook on the United States sovereign debt, citing the risk that the government will be unable to curb rising debt and the growing deficit.
According to the New York-based credit rating agency:
Because the U.S. has, relative to its AAA peers, what we consider to be very large budget deficits and rising government indebtedness, and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable.

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(Stocks Tutorial) What are Stock Rights?

I recently subscribed to the 1:2 Stock Rights Offering of Robinsons Land Corporation (RLC). As a current stockholder, I was entitled to one (1) rights share for every two (2) common shares owned.

The rights offering was RLC’s way of raising additional capital. By issuing up to 1.364 billion common shares at P10 per share, the company is expected to raise as much as P13.6 billion.

What are Stock Rights?

Stock rights are basically the right to purchase additional shares of the company. This right is only given to existing shareholders as of the ex-date, and is not available to non-stockholders. It is a company’s way of raising additional capital. In the case of RLC, the company said proceeds will be used for land acquisition, project construction and development, possible international expansion and other general corporate purposes.

The Banco Filipino pyramid scam

Back in 2008, several PinoyMoneyTalk forum members were lured by Banco Filipino’s promise of high returns for their deposits. At that time, Banco Filipino (BF) was offering gargantuan interest rates, with one time deposit scheme offering to double one’s money after 5 years.

Referring to that Banco Filipino time deposit offer, PMT Forum member yellowminded commented in December 2008: “If you think about it, with monthly interest out, after 3 years you’d have gotten back more than half of P500,000.”

To which another member, wintan2006, replied in jest: “That is kung buhay pa ang Banco Filipino before you have doubled your money.”

The eerie reality is, as of March 2011, Banco Filipino is already closed.

PLDT to kill Sun Cellular, unlimited plans?

A very popular discussion topic recently among business and tech people alike is the acquisition of Digitel by PLDT. Through the acquisition, Digitel and parent company JG Summit Holdings are basically turning over to PLDT the control of its mobile network subsidiary Sun Cellular.
The question in the minds of current Sun subscribers: what will happen to us? A lot are fearing that Sun’s popular “unlimited” plans will soon come to an end now that PLDT will be running the company.
That fear is valid.

PLDT-Digitel deal hikes PSE index by 3%

Finally it happened. The Philippine Stock Exchange index (PSEi) received a much-needed boost yesterday, thanks to the news of PLDT acquiring a majority stake in Digitel.

Since the start of the year, the PSEi has been averaging a downside of 10%. Yesterday, the index jumped 2.98%, up 116.51 points to close at 4,023.74.

The market rally was led by PLDT (stock code: TEL) which gained 15.72% in one day, closing at P2,356. TEL was also yesterday’s most actively traded and top gainer stock.

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